NewsCovering Louisiana

Actions

Alexandria man indicted for $198,000 bank fraud scheme, lying on loan applications

gavel.jpg
Posted at 11:28 AM, Jul 03, 2019
and last updated 2019-07-03 12:28:54-04

An Alexandria man has been indicted with bank fraud and making false statements on loan applications in order to receive more that $190,000.

United States Attorney David C. Joseph announced that a federal grand jury returned a three-count indictment on 50-year-old Roger D. Boggs of Alexandria, with bank fraud and making false statements on loan applications in order to receive more than $190,000.

Boggs was charged with one count of bank fraud and two counts of false statements on loan applications. According to the indictment, Boggs engaged in a series of schemes to obtain a commercial loan from Red River Bank between May 2015 and March 2016. Boggs allegedly submitted fraudulent stock certificates and signed a fraudulent mortgage in support of his loan request, specifically, on June 5, June 11 and September 25 of 2015.

A release states that Boggs, in an effort to influence the bank to grant his loan application, falsely claimed that he owned 26 million shares of the company American Specialty Alloys Inc. (ASA), which he valued at $9 a share and pledged 1 million ASA shares to the bank as collateral. Boggs also allegedly requested an additional disbursement to the loan on June 11, 2015, and he renewed the existing loan on September 25, 2015, both times pledging 1 million shares of ASA stock as collateral. Boggs also fraudulently offered the bank a mortgage on real estate he allegedly owned in Kentucky but failed to inform the bank that he had previously sold the property on September 12, 2015, according to the indictment.

The bank disbursed a total of $198,712 to Boggs in reliance on the false information he provided.

If convicted, Boggs faces 30 years in prison for each count of bank fraud and false statement on a loan application. He also faces up to five years of supervised release, a $1 million fine and restitution.